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Axis Bank Q2 profit up 19%, meets estimates

Bad loans stable, gross NPA almost flat at 1.38%

Axis Bank Q2 profit up 19%, bad loans stable
Agencies Mumbai
Last Updated : Oct 27 2015 | 3:23 PM IST
Axis Bank, India's third-biggest private sector lender by assets, reported a 19% increase in second-quarter profit, in line with estimates, while its bad loans remained stable.

Net profit rose to Rs 1,916 crore ($295 million) for the three months to Sept 30 from Rs 1,611 crore a year earlier, the Mumbai-based bank said in a statement.

Analysts on average had expected a net profit of Rs 1,920 crore, according to data compiled by Thomson Reuters.

The asset quality of the bank, however, slipped a tad as gross non-performing assets (NPAs) or bad loans rose to 1.38% of gross advances as of September 2015 as against 1.34% a year ago. 

Likewise, net NPAs as a percentage of net advances during the second quarter stood at 0.48% as against 0.44%. 

The bank's shares were trading at Rs 523.60, up 0.47% on BSE in late afternoon trade.

($1 = 64.9475 rupees)

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First Published: Oct 27 2015 | 2:48 PM IST

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